China Merchants to buy into Chu Kong river unit

Port operator China Merchants Holdings International will acquire a 20 percent stake in Chu Kong River Trade Terminal, part of Chu Kong Shipping Development, for US$16.9 million.

The river trade terminal owns 11 river ports, whose total container throughput for 2009 amounted to 780,000 TEUs, while bulk cargo volumes were 1.35 million tonnes, reported ADPnews.

The acquisition is in line with China Merchants' feeder port strategy and is expected to increase the competitiveness of the Western Shenzhen port zone.

China Merchants and Chu Kong Shipping signed a cooperation agreement in July to form a strategic alliance in business operations, investments and development.
(Source:www.cargonewsasia.com)